Increased consumer concern surrounding the practices and products of big banks has created a favorable environment for credit unions. However, the low awareness of credit union brands and benefits has been an impediment to membership growth. By fine-tuning its existing “Great Rates” campaign to more clearly define its brand ethos, PenFed increased their relevance among both potential and current members.
I’m not eligible to join a credit union, so I can’t access their favorable rates.
PenFed is the rare credit union that can actually offer great rates for everyone.
• Awareness in PenFed’s local DC market increased 13% in 2017
• Surpassed “new members” goal by 129%, growing 60% from the previous year.
• PenFed asset base has grown from 16 billion to 28 billion since campaign launch
• Over the past 4 years, we’ve supported growth of their overall assets by 27% (as of fall 2018).